Taxpayers face £1bn Olympic village bill

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Taxpayers may have to fund the full cost of the £1billion Olympic village as the credit crunch scares off private investors for the 2012 Games, Olympic chiefs have admitted.

John Armitt, chairman of the Olympic Delivery Authority also conceded that the £400 million broadcasting centre will have to be scaled down and more temporary sports venues moved out of the5 Olympic Park to stay within the £9.3 billion budget.

“The credit crunch is hitting the Olympics hard, but we remain resilient,” Mr Armitt bluntly told the London Assembly, as he warned that he would have to ask the Government for